JLL arranges post-acquisition financing for 1120 G Street NW in Washington, DC

1120 G Street Apartments, Washington, DC

WASHINGTON, DC – JLL announced today that it has arranged post-acquisition financing for 1120 G Street, a 134,964-square-foot, 10-story office building located in Washington, D.C.

JLL worked on behalf of the borrower, a fund managed by Credit Suisse Asset Management Global Real Estate, to secure the loan with Cigna Investment Management.  JLL also handled the sale of the property to the fund last month. 

Martin Lamb

1120 G Street is situated on a prominent corner lot adjacent to Metro Center in the heart of the East End submarket, which is presently, downtown Washington, D.C.’s largest and strongest performing submarket. 

This location is within three blocks of both the White House and all six Metrorail lines and within a short walk of the high-end retail, restaurants and entertainment options of CityCenterDC, Gallery Place, Chinatown and Penn Quarter. 1120 G Street offers 13,000-square-foot floorplates and is 75% leased to 13 tenants.

“We are very happy to acquire the first asset for our new global value-add fund located in the very heart of Washington D.C., only steps from the White House and Pennsylvania Avenue,” commented Martin Lamb, Head of Global Real Estate Americas & UK at Credit Suisse Asset Management. 

Dan McIntyre

“Our business plan will upgrade the building and add amenities such as a coffee shop, gym, bicycle storage and a conference center. 1120 G will meet occupier requirements by offering centrally located, well-amenitized office space and direct access to multiple metro lines at competitive rental rates.”

The JLL Capital Markets team representing the borrower was led by Dan McIntyre, Jay Graham and Kevin Byrd.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Kevin Byrd

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.  Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

About JLL:

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. .  

Contact: 

Kristen Murphy, 
JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

 jll.com

Oprah Waits for Price Cut on Jeff Bridges Home, then Buys it for $6.85 Million

The Bridges’ 3,517-square-foot, two-bedroom, three-bath Spanish Revival-style home was built in 1919 by architect James Craig

Photo credit: Elevated Horizon courtesy of Coldwell Banker

SANTA BARBARA, CA -- According to TopTenRealEstateDeals.com, when you’re worth almost $3 billion and can easily say, “been there, done that, have that,” . . . . what do you do with the rest of the money after the usual investments?

Oprah Winfrey 

For more than a decade, the super wealthy have been parking it in real estate. In fact, they’re buying up a lot of the planet in the form of islands, vast ranches, resorts and glamorous homes.

Jeff Bridges

Yes, Oprah Winfrey owns at least six homes currently after selling her Chicago and Atlanta homes.

 Lately, her focus has been on the Montecito neighborhood of Santa Barbara, where with the purchase of actor-friend Jeff Bridges’ home, totals three including The Promised Land as she named her 40-acre main home and grounds - now worth about $90 million.

Susan Geston and Jeff Bridges

She purchased the Bridges home after waiting for the price to be reduced from the original $7.495 million and ended up buying it for $6.85 million - the exact price Bridges and his wife, Susan Geston, paid for it five years ago.

Oprah also owns homes in Maui, Hawaii, Orcas Island, Washington and a ski chalet in Telluride, Colorado.

 Gwyneth Paltrow

The Bridges’ 3,517-square-foot, two-bedroom, three-bath Spanish Revival-style home was originally built in 1919 by architect James Osborn Craig sited on four acres of gardens. 

Meticulously cared for and having undergone restorations and updates, it still has its original windows, doors, hardwood floors and five fireplaces. The kitchen and bathrooms were remodeled to bring them into the 21st century. 

Ellen DeGeneres

The kitchen, with its new cabinetry and quartz countertops, adjoins a large family room. High ceilings, expansive windows and French doors illuminate the home with every room opening to lush gardens. 

The master suite features an open-beamed ceiling, large bay window, French doors and fireplace. If Oprah continues to buy her neighbor’s properties, it won’t be long before they can rename Montecito as Oprah Village.

Portia de Rossi

Montecito is a sought-after neighborhood at the western tip of Santa Barbara with commanding views over the Pacific Ocean. Always lush with large trees and thick with greenery, the neighborhood has recovered from the 2018 Thomas Fire that destroyed many of the area’s homes.

Though Oprah’s and Jeff’s homes remained safe with little damage to the grounds, Gwyneth Paltrow’s home sustained damage and Ellen DeGeneres and wife, Portia de Rossi, had to evacuate.

Sally Hanseth

Jeff Bridges and Susan Geston have been downsizing their homes with the sale of their 20-acre, Tuscan-style vineyard estate two years ago for $15.925 million and their current smaller Montecito home to neighbor Oprah for $6.85 million.

They have also sold some land parcels in Malibu this year. Sally Hanseth of Coldwell Banker Residential Brokerage, Montecito, handled the sale for both seller and buyer.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat